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New School pays $153M for 180K sf Village building

Call it an academic arms race. Even as Columbia and New York universities pursue billion-dollar expansion plans, the New School quietly picked up a 180,000-square-foot building in the heart of Greenwich Village, according to property records filed with the city Wednesday.  The school paid $153 million for the five-story building at 34-42 West 14th Street, which was owned by the Chira family’s Samson Associates since 1985, property records show. Samson, an affiliate of Samson Storage, put … [more]

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Five more years! Darcy Stacom, Bill Shanahan renew contracts

In a season where a hefty chunk of the city’s investment sales elite have jumped ship to other firms, CBRE’s top duo is staying put. Darcy Stacom and Bill Shanahan, who run CBRE’s investment sales division in New York, opted to renew their contracts with the brokerage for another five years, The Real Deal has learned. Their contracts are now set to expire in 2022, sources said. Stacom and Shanahan hold the record for New … [more]

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DTH refis 20 Exchange Place with $269M loan

DTH Capital secured a $268.7 million loan from Berkadia to refinance their 57-story rental tower at 20 Exchange Place in the Financial District. The financing replaces a $240 million loan Natixis Real Estate Capital, made in 2014, and adds an additional $28.7 million gap mortgage. DTH completed the conversion of the historic 724,300-square-foot tower, formerly called the City Bank-Farmers Trust Building, to luxury rental apartments in 2014. The landmarked Art Deco building, constructed in 1931, … [more]

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LES developers bet on history to draw future residents

For decades, Katz’s Delicatessen and Russ & Daughters have drawn hungry New Yorkers to the Lower East Side. Now a group of developers is betting big that they’ll gobble up hundreds of new apartments in the neighborhood. Speaking about the neighborhood’s trendy transformation at the Sunshine Cinema on Wednesday, developers credited the Lower East Side’s history and grit — and its shops and museums — as a draw for potential residents. The event, hosted by … [more]

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Colliers’ Yoron Cohen says he is suing JLL for defamation

Yoron Cohen, formerly a top investment sales broker at JLL who moved over to Colliers International in December, is planning to sue his former employer for defamation, he told The Real Deal. The dispute stems from a TRD Jan. 6 article titled “Inside the exodus of JLL’s I-sales quartet,” in which a high-level JLL executive said that Cohen, along with his colleagues Richard Baxter, Scott Latham, and Jon Caplan, were told in early 2016 that … [more]

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NYC investment sales fell 25% in 2016: report

New York City’s investment sales market fell off 25 percent in 2016 to roughly $58 billion worth of property sales, according to Cushman & Wakefield. The five boroughs’ total dollar volume of $57.8 billion last year was about quarter less than the $77.1 billion worth of sales in 2015, Cushman’s Doug Harmon said Wednesday in his first news conference since joining the company from Eastdil Secured in October. “That’s a pretty big drop on a … [more]

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$250M LA spec house is America’s priciest listing

From the Los Angeles website: Another year, another Los Angeles mega-listing. A Bel Air spec home by developer Bruce Makowsky is slated to hit the market in the coming days with an asking price of $250 million, making it the country’s priciest listing. It will unseat the $200 million Spelling Mansion in Holmby Hills, which was listed last year by British heiress Petra Stunt. [more] … [more]

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US builder confidence dips amid fears over rising interest rates

U.S. builder confidence in newly-built single-family homes dropped in January, following the 11-year high it reached last month. The National Association of Home Builders’ housing market index fell to 67 in January, down from 69 in December, the Wall Street Journal reported. A number above 50 suggests more builders consider conditions to be good than poor, according to the paper. Last month’s figure was the highest monthly reading since 2005, however it may have partially … [more]

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Trouble in paradise?: Only serious price chops move mansions at the top of Greenwich’s luxury market

From the Westchester market report: Greenwich, Connecticut, has long been known for its sprawling estates, well-heeled populace and high concentration of hedge funds. Now, it also has the unwanted reputation of a housing market that is showing fissures. [more] … [more]

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Century Development plans 250-key Westin Hotel in Flushing

UPDATED, Jan. 18, 3:04 p.m.: George Xu’s Century Development Group is moving ahead with plans to bring a 250-key Westin hotel to Downtown Flushing, the developer told The Real Deal. The developer signed a franchise agreement in December with Starwood Hotels & Resorts , which will operate the hotel. The proposed building at 137-61 Northern Boulevard will include 50 apartments above the hotel, and rise either 12 or 13 stories, Xu said. The plans expand on … [more]

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